Every year, July 1-October 31, Australian residents of the personal tax season. Under Australia's tax code, any Australian tax resident, whether his or her income comes from within or outside Australia, is required to file an individual income tax with the Australian Revenue Service, (ATO).
At the moment, less than a month is Australia's annual tax season. Whether you are a regular employee, a business boss or an investor, you should be prepared ahead of time.
Don't wait until the last minute to start thinking about it. It'll hurt you. Because many of the most profitable tax breaks cannot be easily completed in the last week of June.
The most common method is to pay any deductible expenses from now on so that you can make deductions during the tax season, thereby reducing taxable income. At the same time, if possible, postpone all non-deductible expenses to the next tax season.
Ordinary staff
For ordinary employees, this means you should consider purchasing tools, uniforms, office supplies and more in the next few weeks. In addition, directly related to work / business are computers, mobile phones, printers or other electronic devices, even some handbags, sunscreen and sunglasses (for people working in the sun) … .. All can be declared, but these purchases are best completed in June.
People who work at home
For those who work from home, there are more tax returns, such as office tables and chairs, a certain proportion of rent, car fuel, overtime meals, and so on.
Last year, the Australian pension fund was reformed. In the coming weeks, all workers will be able to deposit additional personal pension fund contributions and make tax credits on the filing.
Since July last year, the pension fund tax ceiling has been adjusted to A $25,000 per person, including individual salary contributions and 9.5 percent of employers' mandatory contributions.
In addition, tax experts say tax-deductible expenses include charitable donations, subscription fees, income security insurance, and so on, but those expenses must be incurred by June 30.
It is important to note that charitable donations and additional personal pension fund contributions are recorded on the basis of the date of receipt of the money, not the date on which the resident sends the money.
For investors, it means that maintenance of rental properties should be completed by June 30, payment of annual homeowners' insurance premiums or prepaid interest on investment loans, and so on.
The capital gains tax plan should also start now, with investors selling lossmaking stocks or other bad investments in June to offset gains from capital gains. If possible, the upcoming capital gains should be deferred until July.
"in the end, even if you are an international student with a total annual income of 0 and only contributing money to Australia, or you earn less than A $18200 a year, A "no-income declaration" (Non-Lodgment Advice).) is also required to be submitted to the Australian Inland Revenue Authority after June 30 each year.
Since July 1, if anyone is found to have failed to file a tax return by ATO, he or she could be fined A $210 to A $8050, or even sent to jail if it matters! To conceal the report, once found out, may face different degrees of punishment! "